Guarantees in Business - we think Yes
Posted on 17th May 2018 at 10:11
If you were to look up guarantee in the Collins online dictionary they have a mass of definitions. Our personal favourite is number two on the list: ‘Something that is a guarantee of something else makes it certain that it will happen or that it is true.
Many of us have expectations and belief in guarantees but, we don’t truly believe that a guarantee will hold up. Which is why a guarantee for a business, no matter what the size or customer offering, is essential in this age of competitive marketplaces.
If we were to relate our definition above to business, then surely it would mean that if a company says they will provide a service, or a timescale, or a price, this will be done.
But, what if we looked further and thought about those business guarantees. Maybe they are not so much about what is said in the guarantee but what isn’t in the guarantee or what’s not pointed out at the time of buying the product or service.
Does the guarantee fall down because it was verbal, have you ever been quoted something like “ ahh but it isn’t in writing is it”, or maybe the promise made verbally has been forgotten, lost in conversation or translation from promise to delivery.
So, as a business owner do we care about guarantees for our business - OH YES WE DO..OR ..OH YES WE SHOULD. Guarantees are a powerful tool in both marketing and also building our business, a well thought out, well-executed guarantee, which a business can stand by is like gold dust in the world brand loyalty and reputation.
Guarantees should be customer-centric, they should reflect what’s important to the customer and not what a business can get away with to keep people happy. If your business is running efficiently and effectively and striving to be the very best it can, then a guarantee should be easy to support your clients.
So what are the real advantages of having that knock out guarantee in place for your clients;
• They are powerful marketing statements
• They build customer loyalty
• They create a sense of honesty and integrity with clients
• They are the differentiator between you and the competition
• They provide great feedback
• They decrease the negative comments which can soon circulate globally these days
• They give you great data for analysis of your process or product quality.
The top tips for building a business guarantee are;
• Have one
• Keep it simple, easy to understand and relevant to the client
• Execute it speedily and with a smile!
• It should be unconditional, not associated with lots of T&Cs
• Make sure it’s really refunding the client for the inconvenience or problems they have had
• Stand by it
• Tell people it’s there; guarantees which are hidden are just lip-service to quality business dealings.
We often get bemused, quizzical and unbelieving looks from people when we tell them that all our services come with a no quibble money back guarantee,
Then they get curious and want to know more. What does that actually mean, have we ever had to give the money back (once in five years, and we did simply refund the money, and we would again). It’s an amazing talking point with potential clients and in essence, means that they have nothing to lose in dipping their toes into working with us.
What is your guarantee to clients?